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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2016	Apr. 28, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	TREDEGAR CORP
Entity Central Index Key	0000850429
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		32,779,606

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 40,022	$ 44,156
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,076 in 2016 and $3,746 in 2015	98,717	94,217
Income Taxes Receivable, Current		360
Inventories	65,517	65,325
Prepaid expenses and other	7,282	6,946
Total current assets	211,538	211,004
Property, plant and equipment, at cost	775,517	754,678
Less accumulated depreciation	(535,377)	(523,363)
Net property, plant and equipment	240,140	231,315
Intangible Assets, Net (Including Goodwill)	153,284	153,072
Other assets and deferred charges	30,801	27,869
Total assets	635,763	623,260
Current liabilities:
Accounts payable	73,603	84,148
Accrued expenses	32,997	33,653
Income taxes payable	1,493
Total current liabilities	108,093	117,801
Long-term debt	107,000	104,000
Deferred income taxes	21,649	18,656
Other noncurrent liabilities	107,552	110,055
Total liabilities	344,294	350,512
Commitments and contingencies (Notes 1 and 12)
Shareholders’ equity:
Common stock, no par value (issued and outstanding - 32,779,606 at March 31, 2016 and 32,682,162 at December 31, 2015)	29,190	29,467
Common stock held in trust for savings restoration plan (68,268 shares at March 31, 2016 and 67,726 shares at December 31, 2015)	(1,474)	(1,467)
Foreign currency translation adjustment	(100,228)	(112,807)
Loss on derivative financial instruments	(111)	(373)
Pension and other post-retirement benefit adjustments	(93,057)	(95,539)
Retained earnings	457,149	453,467
Total shareholders’ equity	291,469	272,748
Total liabilities and shareholders’ equity	$ 635,763	$ 623,260

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts and other receivables, allowance for doubtful accounts and sales returns	$ 3,076	$ 3,746
Common stock, no par value
Common stock, shares issued	32,779,606	32,682,162
Common stock, shares outstanding	32,779,606	32,682,162
Common Stock, Shares Held in Employee Trust, Shares	68,268	67,726

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues and other items:
Sales	$ 207,333	$ 234,171
Other income (expense), net	770	108
Total revenues, net of other expenses	208,103	234,279
Costs and expenses:
Cost of goods sold	163,053	189,431
Freight	7,001	7,325
Selling, general and administrative	19,862	17,073
Research and development	4,977	3,885
Amortization of intangibles	956	1,083
Interest expense	1,085	885
Asset impairments and costs associated with exit and disposal activities, net of adjustments	672	(52)
Total	197,606	219,630
Income before income taxes	10,497	14,649
Income taxes from continuing operations	3,216	4,779
Net income	$ 7,281	$ 9,870
Basic
Basic	$ 0.22	$ 0.30
Diluted
Diluted	$ 0.22	$ 0.30
Shares used to compute earnings per share:
Basic	32,654	32,482
Diluted	32,654	32,628
Dividends per share	$ 0.11	$ 0.09

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 7,281	$ 9,870
Other comprehensive income (loss):
Foreign currency translation adjustment	12,579	(34,653)
Derivative financial instruments adjustment	262	(662)
Amortization of prior service costs and net gains or losses	2,482	2,522
Other comprehensive income (loss)	15,323	(32,793)
Comprehensive income (loss)	$ 22,604	$ (22,923)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ 40	$ (1,609)
Derivative financial instruments adjustment, tax (benefit)	156	(399)
Amortization of prior service costs and net gains or losses, tax	$ 855	$ 1,462

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 7,281	$ 9,870
Adjustments for noncash items:
Depreciation	6,952	8,129
Amortization of intangibles	956	1,083
Deferred income taxes	306	(2,419)
Accrued pension and post-retirement benefits	2,891	3,129
Gain on investment accounted for under the fair value method	(800)	0
Loss on asset impairments and divestitures	256	0
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and other receivables	(2,489)	(14,782)
Inventories	1,535	(3,334)
Income taxes recoverable/payable	1,937	6,110
Prepaid expenses and other	(824)	(1,035)
Accounts payable and accrued expenses	(13,585)	4,251
Other, net	183	1,351
Net cash provided by operating activities	4,599	12,353
Cash flows from investing activities:
Capital expenditures	(7,974)	(7,817)
Proceeds from the sale of assets and other	676	504
Net cash used in investing activities	(7,298)	(7,313)
Cash flows from financing activities:
Borrowings	17,250	34,250
Debt principal payments and financing costs	(14,250)	(30,500)
Dividends paid	(3,606)	(2,939)
Payments of Debt Issuance Costs	(2,450)	(78)
Proceeds from exercise of stock options and other	0	2,134
Net cash used in financing activities	(3,056)	2,867
Effect of exchange rate changes on cash	1,621	(2,808)
Increase (decrease) in cash and cash equivalents	(4,134)	5,099
Cash and cash equivalents at beginning of period	44,156	50,056
Cash and cash equivalents at end of period	$ 40,022	$ 55,155

Consolidated Statements Of Shareholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Trust for Savings Restoration Plan	Foreign Currency Translation	Gain (Loss) on Derivative Financial Instruments	Pension & Other Post-retirement Benefit Adjust.
Beginning Balance at Dec. 31, 2015	$ 272,748	$ 29,467	$ 453,467	$ (1,467)	$ (112,807)	$ (373)	$ (95,539)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,281		7,281
Foreign currency translation adjustment (net of tax of $40)	12,579				12,579
Derivative financial instruments adjustment (net of tax of $156)	262					262
Amortization of prior service costs and net gains or losses (net of tax of $855)	2,482						2,482
Cash dividends declared ($0.11 per share)	(3,606)		(3,606)
Stock-based compensation expense	297	297
Tredegar common stock purchased by trust for savings restoration plan			7	(7)
Ending Balance at Mar. 31, 2016	$ 291,469	$ 29,190	$ 457,149	$ (1,474)	$ (100,228)	$ (111)	$ (93,057)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements Of Shareholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ 40
Derivative financial instruments adjustment, tax (benefit)	156
Amortization of prior service costs and net gains or losses, tax	$ 855
Cash dividends declared, per share \| $ / shares	$ 0.11

Basis Of Presentation	3 Months Ended
Basis Of Presentation	Mar. 31, 2016
Basis Of Presentation [Abstract]
Basis Of Presentation	In the opinion of management, the accompanying consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s consolidated financial position as of March 31, 2016, the consolidated results of operations for the three months ended March 31, 2016 and 2015, the consolidated cash flows for the three months ended March 31, 2016 and 2015, and the consolidated changes in shareholders’ equity for the three months ended March 31, 2016. All such adjustments, unless otherwise detailed in the notes to the consolidated interim financial statements, are deemed to be of a normal, recurring nature. The financial position data as of December 31, 2015 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2015 (“2015 Form 10-K”) but does not include all disclosures required by United States generally accepted accounting principles (“U.S. GAAP”). These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2015 Form 10-K. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results to be expected for the full year.

Plants Shutdowns, Asset Impairments, Restructurings And Other

3 Months Ended

Mar. 31, 2016

Restructuring Charges [Abstract]

Plant Shutdowns, Asset Impairments, Restructurings And Other

Plant shutdowns, asset impairments, restructurings and other charges are shown in the net sales and operating profit by segment table in Note 9, and unless otherwise noted below, are also included in “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income.

Plant shutdowns, asset impairments, restructurings and other charges in the first quarter of 2016 include:

•

Pretax charges of $1.1 million associated with the consolidation of domestic PE Films’ manufacturing facilities, which includes severance and other employee-related costs of $0.3 million, asset impairments of $0.2 million, accelerated depreciation of $0.1 million (included in “Cost of goods sold” in the consolidated statements of income) and other facility consolidation-related expenses of $0.5 million ($0.4 million is included in “Cost of goods sold” in the consolidated statements of income);


•	Pretax charges of $0.4 million associated with a non-recurring business development project (included in “Selling, general and administrative expense” in the consolidated statement of income and “Corporate expenses, net” in the statement of net sales and operating profit by segment);


•	Pretax charges of $8,000 for severance and other employee-related costs associated with restructurings in PE Films; and


•	Pretax charges of $7,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.

Plant shutdowns, asset impairments, restructurings and other charges in the first quarter of 2015 include:


•	Pretax adjustment of $0.1 million to reverse previously accrued severance and other employee-related costs associated with restructurings in PE Films.


•	Pretax charges of $15,000 associated with the shutdown of the aluminum extrusions manufacturing facility in Kentland, Indiana.

Results in the first quarter 2016 include an unrealized gain on the Company’s investment in kaleo, Inc (“kaléo”), which is accounted for under the fair value method (included in “Other income (expense), net” in the consolidated statements of income), of $0.8 million ($0.6 million after taxes) (none in 2015). See Note 6 for additional information on investments.

A reconciliation of the beginning and ending balances of accrued expenses associated with “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income for the three months ended March 31, 2016 is as follows:



(In Thousands)	Severance			Asset Impairments			Other (a)			Total
Balance at January 1, 2016	$	1,462		$	—		$	405		$	1,867
Changes in 2016:
Charges	294			256			592			1,142
Cash spent	(482		)	—			(619		)	(1,101		)
Charges against assets	—			(256		)	—			(256		)
Balance at March 31, 2016	$	1,274		$	—		$	378		$	1,652
(a) Other includes other facility consolidation-related costs associated with the consolidation of North American PE Films manufacturing facilities and other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.

On July 7, 2015, the Company announced its intention to consolidate its domestic production for PE Films by restructuring the operations in its manufacturing facility in Lake Zurich, Illinois. Efforts to transition domestic production from the Lake Zurich manufacturing facility will require various machinery upgrades and equipment transfers to its other manufacturing facilities. Given PE Films’ focus on maintaining product quality and customer satisfaction, the Company anticipates that these activities will be completed in the middle of 2017. Total pre-tax cash expenditures associated with restructuring the Lake Zurich manufacturing facility are expected to be approximately $16-17 million over this period, and once complete, annual pre-tax cash cost savings are expected to be approximately $5-6 million.

The Company expects to recognize costs associated with the exit and disposal activities of approximately $5-6 million over the project period. Exit and disposal costs include severance charges and other employee-related expenses arising from the termination of employees of approximately $2-3 million and equipment transfers and other facility consolidation-related costs of approximately $2 million. During the same period of time, operating expenses will include the acceleration of approximately $3 million of non-cash depreciation expense for certain machinery and equipment at the Lake Zurich manufacturing facility. Total expenses associated with the North American facility consolidation project were $1.1 million in the first quarter of 2016 ($0.7 million included in “Asset impairments and costs associated with exit and disposal activities” and $0.4 million included in “Cost of goods sold” in the consolidated statement of income). Total expenses since the inception of the project were $3.3 million.

Total estimated cash expenditures of $16-17 million over the project period include the following:


•	Cash outlays associated with previously discussed exit and disposal expenses of approximately $5 million;


•	Capital expenditures associated with equipment upgrades at other PE Films manufacturing facilities in the U.S. of approximately $11 million;


•	Cash incentives of approximately $1 million in connection with meeting safety and quality standards while production ramps down at the Lake Zurich manufacturing facility; and


•	Additional operating expenses of approximately $1 million associated with customer product qualifications on upgraded and transferred production lines.

Cash expenditures for the North American facility consolidation project were $2.2 million in the first quarter of 2016, which includes $1.7 million for capital expenditures. Total cash expenditures since the inception of the project were $5.3 million, which includes $4.2 million for capital expenditures.

Inventories

3 Months Ended

Mar. 31, 2016

Inventory, Net [Abstract]

Inventories

The components of inventories are as follows:



	March 31,		December 31,
(In Thousands)	2016		2015
Finished goods	$	14,679	$	13,935
Work-in-process	10,173		9,249
Raw materials	20,338		22,149
Stores, supplies and other	20,327		19,992
Total	$	65,517	$	65,325

Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:



	Three Months Ended
	March 31,
(In Thousands)	2016	2015
Weighted average shares outstanding used to compute basic earnings per share	32,654	32,482
Incremental dilutive shares attributable to stock options and restricted stock	—	146
Shares used to compute diluted earnings per share	32,654	32,628

Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2016

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2016:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2016	$	(112,807	)	$	(373	)	$	(95,539	)	$	(208,719	)
Other comprehensive income (loss) before reclassifications	12,579			(342		)	—			12,237
Amounts reclassified from accumulated other comprehensive income (loss)	—			604			2,482			3,086
Net other comprehensive income (loss) - current period	12,579			262			2,482			15,323
Ending balance, March 31, 2016	$	(100,228	)	$	(111	)	$	(93,057	)	$	(193,396	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2015:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2015	$	(47,270	)	$	656		$	(103,581	)	$	(150,195	)
Other comprehensive income (loss) before reclassifications	(34,653		)	(682		)	—			(35,335		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			20			2,522			2,542
Net other comprehensive income (loss) - current period	(34,653		)	(662		)	2,522			(32,793		)
Ending balance, March 31, 2015	$	(81,923	)	$	(6	)	$	(101,059	)	$	(182,988	)

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2016 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(984	)	Cost of sales
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	(969		)
Income tax expense (benefit)	(365		)	Income taxes
Total, net of tax	$	(604	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(3,337	)	(a)
Income tax expense (benefit)	(855		)	Income taxes
Total, net of tax	$	(2,482	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 8 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2015 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(48	)	Cost of sales
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	(33		)
Income tax expense (benefit)	(13		)	Income taxes
Total, net of tax	$	(20	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(3,984	)	(a)
Income tax expense (benefit)	(1,462		)	Income taxes
Total, net of tax	$	(2,522	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 8 for additional detail).

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Investments

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments

In August 2007 and December 2008, the Company made an aggregate investment of $7.5 million in kaléo, a privately held specialty pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions. The mission of kaléo is to provide products that empower patients to confidently take control of their medical conditions. Tredegar’s ownership interest on a fully diluted basis was approximately 19% at March 31, 2016, and the investment is accounted for under the fair value method. At the time of the initial investment, the Company elected the fair value option over the equity method of accounting since its investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests.

The estimated fair value of the investment in kaléo (also the carrying value, which is included in “Other assets and deferred charges” in the consolidated balance sheets) was $19.4 million at March 31, 2016 and $18.6 million at December 31, 2015. In 2009, kaléo licensed exclusive rights to sanofi-aventis U.S. LLC (“Sanofi”) to commercialize an epinephrine auto-injector in the U.S. and Canada. Sanofi began manufacturing and distributing the epinephrine auto-injector, under the names Auvi-Q® in the U.S. and Allerject® in Canada, in 2013. Sanofi announced on October 28, 2015, a voluntary recall of all Auvi-Q and Allerject epinephrine injectors that were on the market. An unrealized gain of $0.8 million was recognized in the first quarter of 2016 (no unrealized gain (loss) in the first quarter of 2015). The change in the estimated fair value of the Company’s holding in kaléo in the first quarter of 2016 was primarily associated with the negotiated terms of the termination of Sanofi’s exclusive rights license for Auvi-Q and Allerject in North America and the return of such rights to kaléo.

Unrealized gains (losses) associated with this investment are included in “Other income (expense), net” in the consolidated statements of income and separately stated in the segment operating profit table in Note 9. Subsequent to its most recent investment (December 15, 2008), and until the next round of financing, the Company believes fair value estimates are based upon Level 3 inputs since there is no secondary market for its ownership interest. Accordingly, until the next round of financing or any other significant financial transaction, value estimates will primarily be based on assumptions relating to achieving product development and commercialization milestones, cash flow projections (projections of sales, costs, expenses, capital expenditures and working capital investment) and discounting of these factors for their high degree of risk. If kaléo does not meet its development and commercialization milestones or there are indications that the amount or timing of its projected cash flows or related risks are unfavorable versus the most recent valuation, or a new round of financing or other significant financial transaction indicates a lower enterprise value, then the Company’s estimate of the fair value of its ownership interest in kaléo is likely to decline. Adjustments to the estimated fair value of this investment will be made in the period upon which such changes can be quantified.

In addition to the impact on valuation of the possible changes in assumptions, Level 3 inputs and projections from changes in business conditions, the fair market valuation of the Company’s interest in kaléo is sensitive to changes in the weighted average cost of capital used to discount cash flow projections for the high degree of risk associated with meeting development and commercialization milestones as anticipated. The weighted average cost of capital used in the fair market valuation of Tredegar’s interest in kaléo was 45% at both March 31, 2016 and December 31, 2015. At March 31, 2016, the effect of a 500 basis point decrease in the weighted average cost of capital assumption would have increased the fair value of the Company’s interest in kaléo by approximately $5 million, and a 500 basis point increase in the weighted average cost of capital assumption would have decreased the fair value of the Company’s interest by approximately $4 million.

Had the Company not elected to account for its investment under the fair value method, it would have been required to use the equity method of accounting. The condensed balance sheets for kaléo at March 31, 2016 and December 31, 2015 and condensed statements of operations for the three months ended March 31, 2016 and 2015, as reported to the Company by kaléo, are provided below:



(In Thousands)	March 31, 2016		December 31, 2015			March 31, 2016			December 31, 2015
Assets:					Liabilities & Equity:
Cash & short-term investments	$	96,431	$	91,844
Restricted cash	3,748		8,182
Other current assets	19,063		9,070		Other current liabilities	$	33,644		$	10,261
Property & equipment	15,821		8,453		Other noncurrent liabilities	609			552
Patents	2,867		2,811		Long term debt, net	142,868			142,696
Other long-term assets	114		92		Equity	(39,077		)	(33,057		)
Total assets	$	138,044	$	120,452	Total liabilities & equity	$	138,044		$	120,452



	Three Months Ended March 31,
	2016			2015
Revenues & Expenses:
Revenues, net (a)	$	(3,050	)	$	4,850
Cost of goods sold	(3,622		)	(2,330		)
Expenses and other, net (b)	541			(14,384		)
Income tax benefit (expense)	(8		)	(4		)
Net income (loss)	$	(6,139	)	$	(11,868	)
(a) Negative revenues during the first quarter of 2016 relate to the impact of product sales allowances on channel inventory following a product price reset during the quarter. (b) “Expenses and other, net” includes selling, general and administrative expense, research and development expense, gain on contract termination, interest expense and other income (expense), net. Excluding the gain, “Expenses and other, net” would have been a net deduction of $17.5 million in the first quarter of 2016.

The Company’s investment in the Harbinger Capital Partners Special Situations Fund, L.P. (“Harbinger Fund”) had a carrying value (included in “Other assets and deferred charges”) of $1.7 million at March 31, 2016 and December 31, 2015. The carrying value at March 31, 2016 reflected Tredegar’s cost basis in its investment in the Harbinger Fund, net of total withdrawal proceeds received and unrealized losses. No withdrawal proceeds were received in the first three months of 2016 or 2015. The timing and amount of future installments of withdrawal proceeds, which commenced in August 2010, were not known as of March 31, 2016. Gains on the Company’s investment in the Harbinger Fund will be recognized when the amounts expected to be collected from any withdrawal from the investment are known, which will likely be when cash in excess of the remaining carrying value is received. Losses will be recognized when management believes it is probable that future withdrawal proceeds will not exceed the remaining carrying value.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2016

Summary of Derivative Instruments [Abstract]

Derivative Financial Instruments

Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and currency exchange rate exposures that exist as part of ongoing business operations (primarily in PE Films). These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability.

In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $15.2 million (18.1 million pounds of aluminum) at March 31, 2016 and $16.6 million (18.9 million pounds of aluminum) at December 31, 2015.

The table below summarizes the location and gross amounts of aluminum futures contract fair values in the consolidated balance sheets as of March 31, 2016 and December 31, 2015:



	March 31, 2016				December 31, 2015
(In Thousands)	Balance Sheet Account	Fair Value			Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Accrued expenses	$	—		Accrued expenses	$	44
Liability derivatives: Aluminum futures contracts	Accrued expenses	$	(1,319	)	Accrued expenses	$	(1,797	)

Derivatives Not Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Accrued expenses	$	—		Accrued expenses	$	—
Liability derivatives: Aluminum futures contracts	Accrued expenses	$	—		Accrued expenses	$	—
Net asset (liability)		$	(1,319	)		$	(1,753	)

In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation.

These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to the best and most credit-worthy customers. The counterparties to our foreign currency futures and zero-cost collar contracts are major financial institutions.

The effect on net income and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2016 and 2015 is summarized in the table below:



(In Thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts						Foreign Currency Forwards
	Three Months Ended March 31,
	2016			2015			2016		2015
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	(550	)	$	(1,094	)	$	—	$	—
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of sales			Cost of sales			Cost of sales		Cost of sales
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	(984	)	$	(48	)	$	15	$	15

As of March 31, 2016, the Company expects $0.8 million of unrealized after-tax losses on derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three month periods ended March 31, 2016 and 2015, net gains or losses realized on previously unrealized net gains or losses from hedges that had been discontinued were not material.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Pension And Other Post-Retirement Benefits

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Pension And Other Post-Retirement Benefits

The Company sponsors noncontributory defined benefit (pension) plans covering most employees. The plans for salaried and hourly employees currently in effect are based on a formula using the participant’s years of service and compensation or using the participant’s years of service and a dollar amount. The plan is closed to new participants, and based on plan changes announced in 2006, pay for active plan participants was frozen as of December 31, 2007. Beginning in the first quarter of 2014, with the exception of plan participants at one of Tredegar’s U.S. manufacturing facilities, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing future benefits under the plan.

The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below:



	Pension Benefits						Other Post-Retirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
(In Thousands)	2016			2015			2016			2015
Service cost	$	72		$	144		$	11		$	12
Interest cost	3,365			3,312			85			84
Expected return on plan assets	(3,978		)	(4,407		)	—			—
Amortization of prior service costs, gains or losses and net transition asset	3,384			4,024			(48		)	(40		)
Net periodic benefit cost	$	2,843		$	3,073		$	48		$	56

Pension and other post-retirement liabilities were $100.4 million and $101.0 million at March 31, 2016 and December 31, 2015, respectively ($0.6 million included in “Accrued expenses” at March 31, 2016 and December 31, 2015, with the remainder included in “Other noncurrent liabilities” in the consolidated balance sheets). The Company’s required contributions are expected to be $6.1 million in 2016. There were no contributions to the pension plan in the first quarter of 2016. Tredegar funds its other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which the Company anticipates will be consistent with amounts paid for the year ended December 31, 2015 or $0.1 million.

Segment Reporting

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

The Company’s business segments are PE Films, Flexible Packaging and Aluminum Extrusions. Information by business segment is reported below. Tredegar had historically reported two business segments: Film Products and Aluminum Extrusions. In 2015, the Company divided Film Products into two separate reportable segments: PE Films and Flexible Packaging Films. All historical results for PE Films and Flexible Packaging Films have been separately presented to conform with the new presentation of segments. There are no accounting transactions between segments and no allocations to segments. Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker for purposes of assessing performance.

The following table presents net sales and operating profit by segment for the three-month periods ended March 31, 2016 and 2015:



	Three Months Ended March 31,
(In Thousands)	2016			2015
Net Sales
PE Films	$	88,481		$	106,357
Flexible Packaging Films	26,377			26,844
Aluminum Extrusions	85,474			93,645
Total net sales	200,332			226,846
Add back freight	7,001			7,325
Sales as shown in the Consolidated Statements of Income	$	207,333		$	234,171
Operating Profit
PE Films:
Ongoing operations	$	10,235		$	16,832
Plant shutdowns, asset impairments, restructurings and other	(1,135		)	—
Flexible Packaging Films:
Ongoing operations	2,032			785
Plant shutdowns, asset impairments, restructurings and other	—			67
Aluminum Extrusions:
Ongoing operations	7,499			5,292
Plant shutdowns, asset impairments, restructurings and other	(7		)	(15		)
Total	18,624			22,961
Interest income	37			89
Interest expense	1,085			885
Gain on investment accounted for under fair value method	800			—
Stock option-based compensation costs	(37		)	300
Corporate expenses, net	7,916			7,216
Income before income taxes	10,497			14,649
Income taxes	3,216			4,779
Net income	$	7,281		$	9,870

The following table presents identifiable assets by segment at March 31, 2016 and December 31, 2015:



(In Thousands)	March 31, 2016		December 31, 2015
PE Films	$	276,940	$	270,236
Flexible Packaging Films	155,000		146,253
Aluminum Extrusions	135,726		136,935
Subtotal	567,666		553,424
General corporate	28,075		25,680
Cash and cash equivalents	40,022		44,156
Total	$	635,763	$	623,260

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

he effective tax rate in the first three months of 2016 was 30.6%, compared to 32.6% in the first three months of 2015 and is expected to be 34% for the full year 2016. The significant differences between the U.S. federal statutory rate and the effective income tax rate for the three months ended March 31, 2016 and 2015 are as follows:



	Percent of Income Before Income Taxes
Three Months Ended March 31,	2016		2015
Income tax expense at federal statutory rate	35.0		35.0
Non-deductible expenses	1.0		0.7
Income tax contingency accruals and tax settlements	0.9		0.8
State taxes, net of federal income tax benefit	0.6		1.2
Valuation allowance for foreign operating loss carry-forwards	0.1		(0.4	)
Changes in estimates related to prior year tax provision	(0.2	)	(0.2	)
Foreign investment write-up	(0.3	)	—
Research and development tax credit	(0.9	)	—
Foreign rate differences	(0.9	)	(1.4	)
Unremitted earnings from foreign operations	(0.9	)	1.0
Valuation allowance for capital loss carry-forwards	(1.1	)	(1.6	)
Domestic production activities deduction	(2.7	)	(2.5	)
Effective income tax rate	30.6		32.6

The Brazilian federal statutory income tax rate is a composite of 34.0% (25.0% of income tax and 9.0% of social contribution on income). Terphane Holdings LLC’s (“Terphane”) manufacturing facility in Brazil is the beneficiary of certain income tax incentives that allow for a reduction in the statutory Brazilian federal income tax rate to 15.25% levied on the operating profit on certain of its products. The incentives have been granted for a 10-year period, which has a retroactive commencement date of January 1, 2015. No benefit was recognized from these tax incentives in the first three months of 2016 or 2015.

In connection with its capacity expansion project in Brazil, the Company paid certain social taxes associated with the purchase of machinery and equipment and construction of buildings and other long-term assets. Payments of these taxes in Brazil were included in “Net cash used in investing activities” given the nature of the underlying use of cash (e.g. the purchase of property, plant and equipment). The Company can recover tax credits associated with the purchase of machinery and equipment at different points over a period up to 24 months. Once the machinery and equipment was placed into service in the fourth quarter of 2014, the Company started applying these tax credits against various other taxes due in Brazil, with their recovery being reflected as cash received from investing activities, consistent with the classification of the original payments.

Income taxes in 2016 included a partial reversal of a valuation allowance of $0.1 million related to the expected limitations on the utilization of assumed capital losses on certain investments that were recognized in prior years. Income taxes in 2015 included the partial reversal of a valuation allowance of $0.2 million related to the expected limitations on the utilization of assumed capital losses on certain investments. The Company had a valuation allowance for excess capital losses from investments and other related items of $10.8 million at March 31, 2016. Tredegar continues to evaluate opportunities to utilize these loss carryforwards prior to their expiration at various dates in the future. As events and circumstances warrant, allowances will be reversed when it is more likely than not that future taxable income will exceed deductible amounts, thereby resulting in the realization of deferred tax assets.

Tredegar and its subsidiaries file income tax returns in the U.S., various states and jurisdictions outside the U.S. With few exceptions, Tredegar and its subsidiaries are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2012.

Debt (Notes)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

On March 1, 2016, Tredegar entered into a $400 million five-year, secured revolving credit facility (“Credit Agreement”), with an option to increase that amount by $50 million. The Credit Agreement replaces the Company’s previous $350 million five-year, unsecured revolving credit facility that was due to expire on April 17, 2017. In connection with the refinancing, the Company borrowed $107 million under the Credit Agreement, which was used, together with available cash on hand, to repay all indebtedness under the previous revolving credit facility.

Borrowings under the Credit Agreement bear an interest rate of LIBOR plus a credit spread and commitment fees charged on the unused amount under the Credit Agreement at various indebtedness-to-adjusted EBITDA levels as follows:



Pricing Under Credit Revolving Agreement (Basis Points)
Indebtedness-to-Adjusted EBITDA Ratio	Credit Spread Over LIBOR	Commitment Fee
> 3.5x but <= 4.0x	250	45
> 3.0x but <= 3.5x	225	40
> 2.0x but <= 3.0x	200	35
> 1.0x but <= 2.0x	175	30
<= 1.0x	150	25

At March 31, 2016, the interest cost on debt borrowed under the Credit Agreement was priced at one-month LIBOR plus the applicable credit spread of 175 basis points.

The most restrictive covenants in the Credit Agreement include:


•	Maximum indebtedness-to-adjusted EBITDA (“Leverage Ratio:) of 4.00x;


•	Minimum adjusted EBIT-to-interest expense of 2.50x; and

•

Maximum aggregate distributions to shareholders over the term of the Credit Agreement of $100,000 plus, beginning with the fiscal quarter ended March 31, 2016, 50% of net income and, at a Leverage Ratio of equal to or greater than 3.00x, a limitation on such payments for the succeeding quarter at the greater of (i) $4 million and (ii) 50% of consolidated net income for the most recent fiscal quarter, and, at a Leverage Ratio of equal to or greater than 3.50x, the prevention of such payments for the succeeding quarter unless the fixed charge coverage ratio is equal to or greater than 1.20x.

The Credit Agreement is secured by substantially all of the Company’s and its domestic subsidiaries’ assets, including equity in certain material first-tier foreign subsidiaries. As of March 31, 2016, Tredegar was in compliance with all financial covenants outlined in the Credit Agreement.

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	In 2011, Tredegar was notified by U.S. Customs and Border Protection (“U.S. Customs”) that certain film products exported by Terphane to the U.S. since November 6, 2008 could be subject to duties associated with an antidumping duty order on imported PET films from Brazil. The Company contested the applicability of these antidumping duties to the films exported by Terphane, and it filed a request with the U.S. Department of Commerce (“Commerce”) for clarification about whether the film products at issue are within the scope of the antidumping duty order. On January 8, 2013, Commerce issued a scope ruling confirming that the films are not subject to the order, provided that Terphane can establish to the satisfaction of U.S. Customs that the performance enhancing layer on those films is greater than 0.00001 inches thick. The films at issue are manufactured to specifications that exceed that threshold. On February 6, 2013, certain U.S. producers of PET film filed a summons with the U.S. Court of International Trade to appeal the scope ruling from Commerce. If U.S. Customs ultimately were to require the collection of anti-dumping duties because Commerce’s scope ruling was overturned on appeal, or otherwise, indemnifications for related liabilities are specifically provided for under the purchase agreement pursuant to which the Company acquired Terphane. In December 2014, the U.S. International Trade Commission voted to revoke the anti-dumping duty order on imported PET films from Brazil. The revocation, as a result of the vote by the U.S. International Trade Commission, was effective as of November 2013. On February 20, 2015, certain U.S. producers of PET films filed a summons with the U.S. Court of International Trade to appeal the determination by the U.S. International Trade Commission.

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued their converged standard on revenue recognition. The revised revenue standard contains principles that an entity will apply to direct the measurement of revenue and timing of when it is recognized. The core principle of the guidance is that the recognition of revenue should depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods and services. To achieve that core principle, an entity will utilize a principle-based five-step approach model. The converged standard also includes more robust disclosure requirements which will require entities to provide sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In March 2016, amended guidance was issued regarding clarifying the implementation guidance on principal versus agent considerations. The effective date of this revised standard is for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The converged standard can be adopted either retrospectively or through the use of a practical expedient. The Company is still assessing the impact of this new guidance. In April 2015, the FASB issued new guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that corresponding debt liability, consistent with debt discounts, rather than as a deferred charge (e.g. an asset). In August 2015, the FASB issued updated guidance that stated in the absence of authoritative guidance, debt issuance costs associated with line-of-credit arrangements could continue to be deferred and presented as an asset over the corresponding amortization period. The new guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The guidance requires that all prior period balance sheets be adjusted retrospectively. Deferred debt issuance costs associated with the Company’s Credit Agreement were $2.9 million and $0.7 million (included in “Other assets and deferred charges” in the consolidated balance sheet) at March 31, 2016 and December 31, 2015, respectively. The Company adopted this guidance this quarter but there was no impact to its consolidated balance sheet as its current debt issuance costs are associated with a revolving line of credit. In July 2015, the FASB issued new guidance for the measurement of inventories. Inventories within the scope of the revised guidance should be measured at the lower of cost or net realizable value. The previous guidance dictated that inventory should be measured at the lower of cost or market, with market either replacement cost, net realizable value or net realizable value less an approximation of normal profit margin. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventories measured using LIFO or the retail inventory method. The amended guidance is effective for fiscal years beginning after December 31, 2016, including the interim periods within those fiscal years. The amendments should be applied prospectively, with early adoption permitted. The Company is still assessing the impact of this revised guidance. In January 2016, the FASB issued amended guidance associated with accounting for equity investments measured at fair value. The amended guidance requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amended guidance also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amended guidance is effective for fiscal years beginning after December 31, 2017, including the interim periods within those fiscal years. The amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption of the update. Early adoption is permitted under limited, specific circumstances. The Company is still assessing the impact of this new guidance. In February 2016, the FASB issued a revised standard on lease accounting. Lessees will need to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The revised standard requires additional analysis of the components of a transaction to determine if a right-to-use asset is embedded in the transaction that needs to be treated as a lease. Substantial additional disclosures are also required by the revised standard. The revised standard is effective for fiscal years beginning after December 31, 2018, including the interim periods within those fiscal years. The revised standard should be applied on a modified retrospective approach or through the use of a practical expedient, with early adoption permitted. The Company is still assessing the impact of this revised standard. In March 2016, the FASB issued amended guidance associated with embedded derivatives in debt instruments. The current guidance requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met, including the “clearly and closely related” criterion. The amended guidance clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under the amendments is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amended guidance is effective for fiscal years beginning after December 31, 2016, including the interim periods within those fiscal years. The revised standard should be applied on a modified retrospective approach, with early adoption permitted. The Company is still assessing the impact of this revised standard. In March 2016, the FASB issued amended guidance to simplify the accounting for equity method investments. The amendments to the guidance eliminate the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amended guidance is effective for fiscal years beginning after December 31, 2016, including the interim periods within those fiscal years. The revised standard should be applied on a prospective basis, with early adoption permitted. The Company is still assessing the impact of this revised standard. In March 2016, the FASB issued amended guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The updated guidance is effective for fiscal years beginning after December 31, 2016, including the interim periods within those fiscal years. The updated standard can be applied on a retrospective or modified retrospective basis, with early adoption permitted. The Company is still assessing the impact of this updated standard.

Plants Shutdowns, Asset Impairments, Restructurings And Other (Tables)

3 Months Ended

Mar. 31, 2016

Restructuring Charges [Abstract]

Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities



(In Thousands)	Severance			Asset Impairments			Other (a)			Total
Balance at January 1, 2016	$	1,462		$	—		$	405		$	1,867
Changes in 2016:
Charges	294			256			592			1,142
Cash spent	(482		)	—			(619		)	(1,101		)
Charges against assets	—			(256		)	—			(256		)
Balance at March 31, 2016	$	1,274		$	—		$	378		$	1,652
(a) Other includes other facility consolidation-related costs associated with the consolidation of North American PE Films manufacturing facilities and other shutdown-related costs associated with the shutdown of the Company’s aluminum extrusions manufacturing facility in Kentland, Indiana.

Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Inventory, Net [Abstract]

Schedule of Inventory, Current

The components of inventories are as follows:



	March 31,		December 31,
(In Thousands)	2016		2015
Finished goods	$	14,679	$	13,935
Work-in-process	10,173		9,249
Raw materials	20,338		22,149
Stores, supplies and other	20,327		19,992
Total	$	65,517	$	65,325

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Diluted earnings per share is computed by dividing net income by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:



	Three Months Ended
	March 31,
(In Thousands)	2016	2015
Weighted average shares outstanding used to compute basic earnings per share	32,654	32,482
Incremental dilutive shares attributable to stock options and restricted stock	—	146
Shares used to compute diluted earnings per share	32,654	32,628

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2016

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2016:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2016	$	(112,807	)	$	(373	)	$	(95,539	)	$	(208,719	)
Other comprehensive income (loss) before reclassifications	12,579			(342		)	—			12,237
Amounts reclassified from accumulated other comprehensive income (loss)	—			604			2,482			3,086
Net other comprehensive income (loss) - current period	12,579			262			2,482			15,323
Ending balance, March 31, 2016	$	(100,228	)	$	(111	)	$	(93,057	)	$	(193,396	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2015:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2015	$	(47,270	)	$	656		$	(103,581	)	$	(150,195	)
Other comprehensive income (loss) before reclassifications	(34,653		)	(682		)	—			(35,335		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			20			2,522			2,542
Net other comprehensive income (loss) - current period	(34,653		)	(662		)	2,522			(32,793		)
Ending balance, March 31, 2015	$	(81,923	)	$	(6	)	$	(101,059	)	$	(182,988	)

Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2016 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(984	)	Cost of sales
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	(969		)
Income tax expense (benefit)	(365		)	Income taxes
Total, net of tax	$	(604	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(3,337	)	(a)
Income tax expense (benefit)	(855		)	Income taxes
Total, net of tax	$	(2,482	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 8 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended March 31, 2015 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(48	)	Cost of sales
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	(33		)
Income tax expense (benefit)	(13		)	Income taxes
Total, net of tax	$	(20	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(3,984	)	(a)
Income tax expense (benefit)	(1,462		)	Income taxes
Total, net of tax	$	(2,522	)


(a)	This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 8 for additional detail).

Investments (Tables)

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements

The condensed balance sheets for kaléo at March 31, 2016 and December 31, 2015 and condensed statements of operations for the three months ended March 31, 2016 and 2015, as reported to the Company by kaléo, are provided below:



(In Thousands)	March 31, 2016		December 31, 2015			March 31, 2016			December 31, 2015
Assets:					Liabilities & Equity:
Cash & short-term investments	$	96,431	$	91,844
Restricted cash	3,748		8,182
Other current assets	19,063		9,070		Other current liabilities	$	33,644		$	10,261
Property & equipment	15,821		8,453		Other noncurrent liabilities	609			552
Patents	2,867		2,811		Long term debt, net	142,868			142,696
Other long-term assets	114		92		Equity	(39,077		)	(33,057		)
Total assets	$	138,044	$	120,452	Total liabilities & equity	$	138,044		$	120,452



	Three Months Ended March 31,
	2016			2015
Revenues & Expenses:
Revenues, net (a)	$	(3,050	)	$	4,850
Cost of goods sold	(3,622		)	(2,330		)
Expenses and other, net (b)	541			(14,384		)
Income tax benefit (expense)	(8		)	(4		)
Net income (loss)	$	(6,139	)	$	(11,868	)
(a) Negative revenues during the first quarter of 2016 relate to the impact of product sales allowances on channel inventory following a product price reset during the quarter. (b) “Expenses and other, net” includes selling, general and administrative expense, research and development expense, gain on contract termination, interest expense and other income (expense), net. Excluding the gain, “Expenses and other, net” would have been a net deduction of $17.5 million in the first quarter of 2016.

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivatives, Fair Value [Line Items]

Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges



(In Thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts						Foreign Currency Forwards
	Three Months Ended March 31,
	2016			2015			2016		2015
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	(550	)	$	(1,094	)	$	—	$	—
Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion)	Cost of sales			Cost of sales			Cost of sales		Cost of sales
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$	(984	)	$	(48	)	$	15	$	15

Aluminum Futures Contracts

Derivatives, Fair Value [Line Items]

Summary Of Location And Fair Value Of Derivative Financial Instruments

The table below summarizes the location and gross amounts of aluminum futures contract fair values in the consolidated balance sheets as of March 31, 2016 and December 31, 2015:



	March 31, 2016				December 31, 2015
(In Thousands)	Balance Sheet Account	Fair Value			Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Accrued expenses	$	—		Accrued expenses	$	44
Liability derivatives: Aluminum futures contracts	Accrued expenses	$	(1,319	)	Accrued expenses	$	(1,797	)

Derivatives Not Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Accrued expenses	$	—		Accrued expenses	$	—
Liability derivatives: Aluminum futures contracts	Accrued expenses	$	—		Accrued expenses	$	—
Net asset (liability)		$	(1,319	)		$	(1,753	)

Foreign Currency Forward Contracts

Derivatives, Fair Value [Line Items]

Summary Of Location And Fair Value Of Derivative Financial Instruments

Pension And Other Post-Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs

The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below:



	Pension Benefits						Other Post-Retirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
(In Thousands)	2016			2015			2016			2015
Service cost	$	72		$	144		$	11		$	12
Interest cost	3,365			3,312			85			84
Expected return on plan assets	(3,978		)	(4,407		)	—			—
Amortization of prior service costs, gains or losses and net transition asset	3,384			4,024			(48		)	(40		)
Net periodic benefit cost	$	2,843		$	3,073		$	48		$	56

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information By Segment

The following table presents net sales and operating profit by segment for the three-month periods ended March 31, 2016 and 2015:



	Three Months Ended March 31,
(In Thousands)	2016			2015
Net Sales
PE Films	$	88,481		$	106,357
Flexible Packaging Films	26,377			26,844
Aluminum Extrusions	85,474			93,645
Total net sales	200,332			226,846
Add back freight	7,001			7,325
Sales as shown in the Consolidated Statements of Income	$	207,333		$	234,171
Operating Profit
PE Films:
Ongoing operations	$	10,235		$	16,832
Plant shutdowns, asset impairments, restructurings and other	(1,135		)	—
Flexible Packaging Films:
Ongoing operations	2,032			785
Plant shutdowns, asset impairments, restructurings and other	—			67
Aluminum Extrusions:
Ongoing operations	7,499			5,292
Plant shutdowns, asset impairments, restructurings and other	(7		)	(15		)
Total	18,624			22,961
Interest income	37			89
Interest expense	1,085			885
Gain on investment accounted for under fair value method	800			—
Stock option-based compensation costs	(37		)	300
Corporate expenses, net	7,916			7,216
Income before income taxes	10,497			14,649
Income taxes	3,216			4,779
Net income	$	7,281		$	9,870

Schedule Of Identifiable Assets By Segment

The following table presents identifiable assets by segment at March 31, 2016 and December 31, 2015:



(In Thousands)	March 31, 2016		December 31, 2015
PE Films	$	276,940	$	270,236
Flexible Packaging Films	155,000		146,253
Aluminum Extrusions	135,726		136,935
Subtotal	567,666		553,424
General corporate	28,075		25,680
Cash and cash equivalents	40,022		44,156
Total	$	635,763	$	623,260

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Schedule Of Effective Income Tax Rate For Continuing Operations

The significant differences between the U.S. federal statutory rate and the effective income tax rate for the three months ended March 31, 2016 and 2015 are as follows:



	Percent of Income Before Income Taxes
Three Months Ended March 31,	2016		2015
Income tax expense at federal statutory rate	35.0		35.0
Non-deductible expenses	1.0		0.7
Income tax contingency accruals and tax settlements	0.9		0.8
State taxes, net of federal income tax benefit	0.6		1.2
Valuation allowance for foreign operating loss carry-forwards	0.1		(0.4	)
Changes in estimates related to prior year tax provision	(0.2	)	(0.2	)
Foreign investment write-up	(0.3	)	—
Research and development tax credit	(0.9	)	—
Foreign rate differences	(0.9	)	(1.4	)
Unremitted earnings from foreign operations	(0.9	)	1.0
Valuation allowance for capital loss carry-forwards	(1.1	)	(1.6	)
Domestic production activities deduction	(2.7	)	(2.5	)
Effective income tax rate	30.6		32.6

Plants Shutdowns, Asset Impairments, Restructurings And Other (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Business Development Expenses	$ 400,000
Loss on asset impairments and divestitures	256,000	$ 0
Other Non-Operating and Non-Recurring Charges [Abstract]
Unrealized gain (loss) on investment under fair value method	800,000	0
Payments for Restructuring	1,101,000
kaleo
Other Non-Operating and Non-Recurring Charges [Abstract]
Unrealized gain (loss) on investment under fair value method	800,000	0
Unrealized gain (loss) on investment under fair value method, after taxes	600,000
PE Films
Restructuring Cost and Reserve [Line Items]
Pretax charges for severance and other employee-related costs	8,000
Aluminum Extrusions
Restructuring Cost and Reserve [Line Items]
Pretax charges for severance and other employee-related costs		100,000
Severance
Other Non-Operating and Non-Recurring Charges [Abstract]
Payments for Restructuring	482,000
Aluminum Extrusions Manufacturing Facility In Kentland Indiana [Member] \| Facility Closing \| Aluminum Extrusions
Restructuring Cost and Reserve [Line Items]
Plant shutdown related expenditures	7,000	$ 15,000
FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
AcceleratedDepreciationExpectedCost	3,000,000		$ 3,000,000
Other Plant Consolidation Expenses - Cost of Goods Sold	400,000
Pretax loss for asset impairments	700,000
Other Non-Operating and Non-Recurring Charges [Abstract]
Payments for Restructuring	2,200,000		5,300,000
Capital Expenditures Restructuring Project	1,700,000		4,200,000
FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Plant shutdown related expenditures	1,100,000		3,300,000
Pretax charges for severance and other employee-related costs	300,000
Loss on asset impairments and divestitures	200,000
Accelerated Depreciation Expense	100,000
Other Restructuring Costs	500,000
Other Plant Consolidation Expenses - Cost of Goods Sold	0
FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| Other Restructuring [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	2,000,000		2,000,000
FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| RestructuringSeverance&EquipmentTransfers [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
RestructuringExpectedCashOutflows	5,000,000		5,000,000
FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| RestructuringCapExEquiptUpgrades [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
RestructuringExpectedCashOutflows	11,000,000		11,000,000
FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| RestructuringSafetyQualityIncentives [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
RestructuringExpectedCashOutflows	1,000,000		1,000,000
FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| RestructuringProductQualifications [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
RestructuringExpectedCashOutflows	1,000,000		1,000,000
Minimum \| FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	5,000,000		5,000,000
RestructuringExpectedCashOutflows	16,000,000		16,000,000
Minimum \| FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| Severance \| PE Films
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	2,000,000		2,000,000
Maximum \| FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| PE Films
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	6,000,000		6,000,000
RestructuringExpectedCashOutflows	17,000,000		17,000,000
Maximum \| FilmProductsManufacturingFacilityInLakeZurichIllinois [Member] \| Severance \| PE Films
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 3,000,000		$ 3,000,000

Plants Shutdowns, Asset Impairments, Restructurings And Other (Schedule Of Accrued Expenses Associated With Asset Impairments And Exit And Disposal Activities) (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2016

USD ($)

Restructuring Reserve [Roll Forward]

January 1, 2016

$ 1,867

Charges

1,142

Cash spent

(1,101)

Charges against assets

(256)

March 31, 2016

1,652

Severance

Restructuring Reserve [Roll Forward]

1,462

294

(482)

1,274

Long Lived Asset Impairment [Member]

Restructuring Reserve [Roll Forward]

January 1, 2016

Charges

256

Cash spent

Charges against assets

(256)

March 31, 2016

Other

Restructuring Reserve [Roll Forward]

January 1, 2016

405

^[1]

Charges

592

^[1]

Cash spent

(619)

^[1]

March 31, 2016

$ 378

^[1]

[1]	{F\|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmMxZjU0MTllNmFmZTQ1ODdiMmJlZTYyNmE3YWU0ZjE4fFRleHRTZWxlY3Rpb246NTc0ODdFNjQ0MzJBNTdDQ0EzNzJCRERGOEY0NzAzNEEM}

Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory, Net [Abstract]
Finished goods	$ 14,679	$ 13,935
Work-in-process	10,173	9,249
Raw materials	20,338	22,149
Stores, supplies and other	20,327	19,992
Total	$ 65,517	$ 65,325

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	692,014	384,760

Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted average shares outstanding used to compute basic earnings per share	32,654	32,482
Incremental dilutive shares attributable to stock options and restricted stock	0	146
Shares used to compute diluted earnings per share	32,654	32,628

Accumulated Other Comprehensive Income (Loss) (Schedule Of After-Tax Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning of Period	$ (208,719)	$ (150,195)
Other comprehensive income (loss) before reclassifications	12,237	(35,335)
Amounts reclassified from accumulated other comprehensive income (loss)	3,086	2,542
Net other comprehensive income (loss) - current period	15,323	(32,793)
End of Period	(193,396)	(182,988)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning of Period	(112,807)	(47,270)
Other comprehensive income (loss) before reclassifications	12,579	(34,653)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net other comprehensive income (loss) - current period	12,579	(34,653)
End of Period	(100,228)	(81,923)
Gain (Loss) on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning of Period	(373)	656
Other comprehensive income (loss) before reclassifications	(342)	(682)
Amounts reclassified from accumulated other comprehensive income (loss)	604	20
Net other comprehensive income (loss) - current period	262	(662)
End of Period	(111)	(6)
Pension & Other Post-retirement Benefit Adjust.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning of Period	(95,539)	(103,581)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	2,482	2,522
Net other comprehensive income (loss) - current period	2,482	2,522
End of Period	$ (93,057)	$ (101,059)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (193,396)

$ (182,988)

$ (208,719)

$ (150,195)

Cost of goods sold

(163,053)

(189,431)

Income before income taxes

10,497

14,649

Income taxes from continuing operations

3,216

4,779

Total, net of tax

7,281

9,870

Foreign Currency Translation

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(100,228)

(81,923)

(112,807)

(47,270)

Gain (Loss) on Derivative Financial Instruments

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(111)

(6)

(373)

656

Pension & Other Post-retirement Benefit Adjust.

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax

(93,057)

(101,059)

$ (95,539)

$ (103,581)

Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Income before income taxes

(969)

(33)

Income taxes from continuing operations

(365)

(13)

Total, net of tax

(604)

(20)

Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | Aluminum Futures Contracts

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Cost of goods sold

(984)

(48)

Reclassification Out Of Accumulated Other Comprehensive Income | Gain (Loss) on Derivative Financial Instruments | Foreign Currency Forward Contracts

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Cost of goods sold

(15)

Reclassification Out Of Accumulated Other Comprehensive Income | Pension & Other Post-retirement Benefit Adjust.

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Actuarial gain (loss) and prior service costs, before taxes

(3,337)

^[1]

(3,984)

Income taxes from continuing operations

(855)

(1,462)

Total, net of tax

$ (2,482)

$ (2,522)

[1]	(a)This component of accumulated other comprehensive income is included in the computation of net periodic pension cost (see Note 8 for additional detail).

Investments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2008	Aug. 31, 2007
Unrealized gain (loss) on investment under fair value method	$ 800	$ 0
kaleo
Kaleo 2016 Q1 gain on contract termination excluded from other expenses	$ 17,500
Total cash invested in private company				$ 7,500
Ownership interest percentage	19.00%
Carrying value	$ 19,400		$ 18,600
Unrealized gain (loss) on investment under fair value method	$ 800	$ 0
Weighted average cost of capital	45.00%	45.00%
Basis point decrease of weighted average cost of capital assumption	5.00%
Basis point increase of weighted average cost of capital assumption	5.00%
Increase in fair value from five hundred point decrease in weighted average cost of capital assumption	$ 5,000
Decrease in fair value from five hundred point increase in weighted average cost of capital assumption	4,000
Harbinger Fund
Cost Method Investments	1,700		1,700
Alleghany and Bath County, Virginia [Member]
Cost Method Investments	$ 2,600		$ 2,600

Investments (Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Cost of goods sold	$ 163,053	$ 189,431
Cash and cash equivalents	40,022	55,155	$ 44,156	$ 50,056
Property & equipment	240,140		231,315
Other long-term assets	30,801		27,869
Total assets	635,763		623,260
Long term debt, net (a)	107,000		104,000
Equity	291,469		272,748
Total liabilities and shareholders’ equity	635,763		623,260
Income tax benefit (expense)	3,216	4,779
Net income	7,281	9,870
kaleo
Revenues	(3,050)	4,850
Cost of goods sold	3,622	2,330
Cash and cash equivalents	96,431		91,844
Restricted Cash	3,748		8,182
Other current assets	19,063		9,070
Property & equipment	15,821		8,453
Patents	2,867		2,811
Other long-term assets	114		92
Total assets	138,044		120,452
Other current liabilities	33,644		10,261
Other noncurrent liabilities	609		552
Long term debt, net (a)	142,868		142,696
Redeemable preferred stock	0		0
Equity	(39,077)		(33,057)
Total liabilities and shareholders’ equity	138,044		$ 120,452
Expenses and other, net (a)	(541)	14,384
Income tax benefit (expense)	8	4
Net income	$ (6,139)	$ (11,868)

Derivative Financial Instruments (Narrative) (Details) $ in Thousands, lb in Millions	3 Months Ended
	Mar. 31, 2016 USD ($) lb	Mar. 31, 2015 lb	Dec. 31, 2015 USD ($)
Derivative [Line Items]
Amounts of unrealized after tax gains (losses) to be Reclassified within Twelve Months	$ (800)
Aluminum Futures Contracts
Derivative [Line Items]
Notional Amount	$ 15,200		$ 16,600
Weight of aluminum that hedged future purchase of aluminum to meet fixed - price forward sales contract obligations, lbs \| lb	18.1	18.9
Net asset (liability), Fair Value	$ (1,319)		(1,753)
Accrued Expenses [Member] \| Derivatives Not Designated As Hedging Instruments \| Aluminum Futures Contracts
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	0		0
Accrued Expenses [Member] \| Derivatives Designated As Hedging Instruments [Member] \| Aluminum Futures Contracts
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	0		44
Derivative Liability, Fair Value, Gross Liability	$ 1,319		$ 1,797

Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - Aluminum Futures Contracts - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Net asset (liability), Fair Value	$ (1,319)	$ (1,753)
Derivatives Designated As Hedging Instruments [Member] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	44
Liability derivatives: Fair Value	(1,319)	(1,797)
Derivatives Not Designated As Hedging Instruments \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives: Fair Value	$ 0	$ 0

Derivative Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Foreign Currency Forwards And Options [Member] \| Cost Of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	$ 15	$ 15
Cash Flow Derivative Hedges \| Aluminum Futures Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of pre-tax gain (loss) recognized in other comprehensive income	(550)	(1,094)
Cash Flow Derivative Hedges \| Aluminum Futures Contracts \| Cost Of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion)	(984)	(48)
Cash Flow Derivative Hedges \| Foreign Currency Forwards And Options
Derivative Instruments, Gain (Loss) [Line Items]
Amount of pre-tax gain (loss) recognized in other comprehensive income	$ 0	$ 0

Pension And Other Post-Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amounts Recognized in Balance Sheet	$ (100.4)	$ (101.0)
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Contribution to pension plans for continuing operations		0.1
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected required contributions	6.1
Accrued Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities	$ 1.0	$ 1.0

Pension And Other Post-Retirement Benefits (Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 72	$ 144
Interest cost	3,365	3,312
Expected return on plan assets	(3,978)	(4,407)
Amortization of prior service costs, gains or losses and net transition asset	3,384	4,024
Net periodic benefit cost	2,843	3,073
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	11	12
Interest cost	85	84
Expected return on plan assets		0
Amortization of prior service costs, gains or losses and net transition asset	(48)	(40)
Net periodic benefit cost	$ 48	$ 56

Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Assets	$ 635,763		$ 623,260
Total net sales	200,332	$ 226,846
Add back freight	7,001	7,325
Sales as shown in the Consolidated Statements of Income	207,333	234,171
Total Segment Income (Loss)	18,624	22,961
Interest income	37	89
Interest expense	1,085	885
Gain on investment accounted for under fair value method	800	0
Stock option-based compensation costs	(37)	300
Corporate expenses, net	7,916	7,216
Income from continuing operations before income taxes	10,497	14,649
Income taxes from continuing operations	3,216	4,779
Net income	7,281	9,870
kaleo
Segment Reporting Information [Line Items]
Assets	138,044		120,452
Gain on investment accounted for under fair value method	800	0
Income taxes from continuing operations	8	4
Net income	(6,139)	(11,868)
PE Films
Segment Reporting Information [Line Items]
Assets	276,940		270,236
Total net sales	88,481	106,357
Operating profit from ongoing operations	10,235	16,832
Plant shutdowns, asset impairments, restructurings and other	(1,135)	0
Flexible Packaging Films [Member] [Domain]
Segment Reporting Information [Line Items]
Assets	155,000		146,253
Total net sales	26,377	26,844
Operating profit from ongoing operations	2,032	785
Plant shutdowns, asset impairments, restructurings and other	0	67
Aluminum Extrusions
Segment Reporting Information [Line Items]
Assets	135,726		$ 136,935
Total net sales	85,474	93,645
Operating profit from ongoing operations	7,499	5,292
Plant shutdowns, asset impairments, restructurings and other	$ (7)	$ (15)

Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Subtotal	$ 567,666	$ 553,424
General corporate	28,075	25,680
Cash and cash equivalents	40,022	44,156	$ 55,155	$ 50,056
Total assets	635,763	623,260
PE Films
Total assets	276,940	270,236
Flexible Packaging Films [Member] [Domain]
Total assets	155,000	146,253
Aluminum Extrusions
Total assets	$ 135,726	$ 136,935

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Income Taxes [Line Items]
Income Tax Expense (Benefit)	$ 3,216	$ 4,779
Deferred Tax Benefit Expense Valuation Allowance Adj Capital Loss Carryforwards	$ 100	$ 0
Effective Income Tax Rate Reconciliation, Percent	30.60%	32.60%
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 10,497	$ 14,649
Brazilian [Member]
Income Taxes [Line Items]
Effective income tax rate reconciliation social contribution on income	9.00%
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Excluding Social Contribution On Income	25.00%
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Including Social Contribution On Income	34.00%
Excess Capital Losses From Investments And Other Related Items [Member]
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 10,800
Terphane Ltda [Member]
Income Taxes [Line Items]
BrazilianTaxCreditDeductionPeriod	24 months
Current Effective Tax Rate Including Social Contribution On Income	15.25%
LengthBrazilianTaxIncentive	10 years

Income Taxes (Schedule Of Effective Income Tax Rate For Continuing Operations) (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	35.00%	35.00%
State taxes, net of federal income tax benefit	0.60%	1.20%
Income tax contingency accruals and tax settlements	0.90%	0.80%
Unremitted earnings from foreign operations	(0.90%)	1.00%
Changes in estimates related to prior year tax provision	(0.20%)	(0.20%)
Effective Income Tax Rate Reconciliation Deduction For Foreign Investment Adjustments	(0.30%)
Non-deductible expenses	1.00%	0.70%
Valuation allowance for foreign operating loss carry-forwards	0.10%	(0.40%)
Research and development tax credit	(0.90%)	0.00%
Foreign rate differences	(0.90%)	(1.40%)
Valuation allowance for capital loss carry-forwards	(1.10%)	(1.60%)
Domestic production activities deduction	(2.70%)	(2.50%)
Effective income tax rate for income from continuing operations	30.60%	32.60%

Debt (Details)	3 Months Ended
Debt (Details)	Mar. 31, 2016 USD ($)	Mar. 01, 2016 USD ($)	Apr. 23, 2012 USD ($)
Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 400,000,000
Line Of Credit Facility Term	5 years
Line Of Credit Facility Additional Borrowing Capacity		50,000,000
Long-term Line of Credit		$ 107,000,000
Line of credit facility, covenant terms, maximum debt to EBITDA ratio	4.00
Line of credit facility, covenant terms, minimum adjusted EBIT-to-interest expense ratio	2.50
Line Of Credit Facility, Covenant Terms, Maximum Aggregate Dividends	$ 100,000
Line of credit facility, covenant terms, percentage of shareholders' equity to net income	50.00%
Credit Spread Over London Interbank Offered Rate Basis Points	1.75%
Credit Facility covenant leverage ratio three times limitation	3.00
Credit Facility limitation on dividend payments at leverage ratio greater than 3.00x	$ 4,000,000
Credit Facility, covenants, 50% of net income limitation when leverage ratio exceeds 3.00x	50.00%
Credit Facility covenant three point five times leverage ratio	350.00%
Credit Facility fixed charge coverage one pt two ratio limitation	120.00%
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 350,000,000
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]
Line of Credit Facility [Line Items]
Credit Spread Over London Interbank Offered Rate Basis Points	2.50%
Line of Credit Facility, Commitment Fee Percentage	0.45%
Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member]
Line of Credit Facility [Line Items]
Credit Spread Over London Interbank Offered Rate Basis Points	2.25%
Line of Credit Facility, Commitment Fee Percentage	0.40%
Indebtedness To Adjusted Ebitda Ratio Greater Than Two But Less Than Or Equal To Three [Member]
Line of Credit Facility [Line Items]
Credit Spread Over London Interbank Offered Rate Basis Points	2.00%
Line of Credit Facility, Commitment Fee Percentage	0.35%
Indebtedness To Adjusted Ebitda Ratio Greater Than One But Less Than Or Equal To Two [Member]
Line of Credit Facility [Line Items]
Credit Spread Over London Interbank Offered Rate Basis Points	1.75%
Line of Credit Facility, Commitment Fee Percentage	0.30%
Indebtedness To Adjusted Ebitda Ratio Less Than Or Equal To One [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	1.0
Credit Spread Over London Interbank Offered Rate Basis Points	1.50%
Line of Credit Facility, Commitment Fee Percentage	0.25%
Minimum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	3.5
Minimum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	3.0
Minimum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Two But Less Than Or Equal To Three [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	2.0
Minimum \| Indebtedness To Adjusted Ebitda Ratio Greater Than One But Less Than Or Equal To Two [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	1.0
Maximum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	4.0
Maximum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	3.5
Maximum \| Indebtedness To Adjusted Ebitda Ratio Greater Than Two But Less Than Or Equal To Three [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	3.0
Maximum \| Indebtedness To Adjusted Ebitda Ratio Greater Than One But Less Than Or Equal To Two [Member]
Line of Credit Facility [Line Items]
Line Of Credit Facility Covenant Terms Debt To Ebitda Ratio	2.0

Contingencies (Details)	Jan. 08, 2013 in
Loss Contingencies [Line Items]
Minimum thickness of performance enhancing layer on films required to avoid antidumping duty order	0.00001

New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements [Abstract]
Deferred Finance Costs, Net	$ 2.9	$ 0.7